How to negotiate your salary
Congratulations, you’re fully adulting now. Leaving the internship bubble and entering the workforce proper can be overwhelming for myriad reasons, even up to the point of receiving a job offer. While getting the green light for a position you’ve applied for is half the battle won, not getting your desired salary can be a tiny bit of a setback. Negotiating for your desired paycheque is stressful if it’s your first time at it, so to help you put your best foot forward, here is our guide on how to negotiate your first salary.
We’ve interviewed a hiring manager, Natalie Tee, whose decades of experience in human resources and hiring informs these key dos and don’ts. Here are her tips.
1. Before you think you will not be paid enough, consider the overall compensation strategy
Basic pay, AKA the take-home lump sum that appears in your bank account at the end of each month, is just one aspect of your remuneration package. Don’t lock in on the dollar value and let it be your sole decision maker. Some companies offer benefits like higher reward structures such as increments and bonuses, flexible work arrangements, and developmental opportunities that could be of greater value.
2. Do your research before negotiating
If you want to negotiate your salary, research is key. Don’t just rattle off your desired number, or ask friends in different industries what they earn, then pitch a similar number. It’s important to look at industry salary benchmarks for your specific role before bringing your counteroffer to the table.
Also, be realistic about your asking, especially if it’s an entry-level position.
Also read:
I Was A Clueless AF Fresh Grad And This Is What I Learnt From Taking The First Job Offer I Got
3. Justify how you add value
One of the biggest mistakes candidates often make when negotiating for their salary is not justifying why they merit an increase in pay. Instead of just asking for more, justify how you bring more to the table. It’s important that you highlight critical skills or past accomplishments you have that warrant the company meeting your desired sum.
4. If you need more time to consider an offer, or have decided to reject a job, be polite
Ultimately, negotiation is time-consuming for all parties involved. If you’re choosing to turn down the job offer, express appreciation for being considered for the role and the time the team has invested with you.
It would be helpful if you’re transparent about why you’re rejecting the offer as well, whether it be for salary or other reasons.
Avoid ghosting or burning the bridge—some industries are very small and you don’t want to close doors before they’ve fully opened.
Tips for negotiating your salary and job offer
While these tips are primarily intended to guide first jobbers, they’re also overall useful tips to guide you through when wondering how you can negotiate your salary with any hiring manager you encounter down the road.
Also read:
12 Things To Do In Singapore For October 2024—Halloween Events, Ghibli Exhibition & More
All images courtesy of Unsplash.
